At a Glance
Tapcart has raised $50M in Series B funding from Left Lane Capital and others. It aims to use the proceeds in expanding its go-to-market strategy, innovate new products and looks to double down on the Shopify ecosystem
Tapcart, a SaaS platform enabling e-commerce merchants to launch and manage mobile apps for their brands, has announced its Series B fundraise of $50 million in a round led by Left Lane Capital. Shopify, SignalFire, Greycroft, Act One Ventures and Amplify LA, participated in the round.
The company had raised $10 million in Series A funding led by SignalFire last year. With the current funding, the total amount raised by Tapcart crosses $65 million, as per Crunchbase.
Eric Netsch, founder and CEO of Tapcart, enunciated the differentiating factor that Tapcart brings to the market in a press release. Stating that customers expect unique, engaging and personalized shopping experiences, Mr. Netsch stressed that Tapcart’s platform assists merchants to customize their apps and host rich content experiences for their customers via its codeless drag-and-drop app builder.
“Tapcart is a true end-to-end sales channel built for marketers. You can engage mobile shoppers, create meaningful marketing promos and send them directly into lightning-fast checkouts,”Mr. Netsch said.
The company stated that it values its relationship with Shopify and added that with the latter’s support, it would double down on its ecosystem. The proceeds from the fund would be used towards the expansion of its go-to-market strategy, accelerate its team growth, launch innovative products in the domain of marketing automation personalization, and developers’ software development kits.
Satish Kanwar, vice president of product acceleration at Shopify, believed that brands these days must be on mobile phones, where customers are.
“Tapcart helps merchants create mobile-first shopping experiences that customers love, reinforcing Shopify’s mission to make commerce better for everyone. We look forward to seeing Tapcart expand its success on Shopify with the more than 1.7 million merchants on our platform today,”Mr. Kanwar said.
Commenting on the funding, Vinny Pujji, managing partner at Left Lane Capital, stated that while end consumers have grown numb to incessant promotion emails due to the increasing competitiveness in the paid marketing space, Tapcart provides e-commerce marketers the opportunity to engage their most valuable customers by owning a piece of real-estate on their mobile phones.
This is further bolstered with push-notification campaigns. This technology has been attempted many times over the past decade. Tapcart is the first business we’ve seen achieve this vision in a reasonably priced, easy-to-use and still robust platform,”Mr. Pujji said.
Tapcart reveals that it witnessed a three-fold increase in revenue in 2020, driven by macro trends in customer behavior, and has transacted over $1.2 billion in merchant gross merchandise volume (GMV) in the last twelve months.